Shawn Ackerman with Dallas-based Henry S. Miller Commercial's Houston office says the Bissonnet Retail Center at 9801-9817 Bissonnet St. was 82% occupied at closing. He tells GlobeSt.com that this year's roll has been put to bed and next year has just 10% poised to turn for a mix of national and local names, many in place for the past two decades.
Ackerman, who leased the center once before and has the job again, says the Midland investor was ready to take the deed a year ago until Bennigan's exited. With the space backfilled by another restaurant, Ackerman says the decision was made to revisit the deal. The center, positioned near Westwood Technology Center, is fetching 85 cents per sf and 26 cents per sf for triple net space. The anchors are Pappas Bar-B-Q and Southwest Meat & Fish Market plus small shop holders like Houston Bukateria, Ace Cash Express and H&R Block. And, he says, a national tenant is poised to sign this week for a minimum 4,000 sf.
Buyer of record, Bissonnet Realty Partners, assumed a loan with First International Bank in Houston and placed mezzanine debt to close the deal, says Ackerman, the deal's lone broker. The buyer, with six other retail properties in Houston, will manage the holding.As for the seller, Bissonnet Retail LP of Sugar Land, Ackerman says the 2.5-year hold came to a close because he is "looking at another acquisition." The nine-acre property is assessed at more than $2.5 million by Harris County.
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